Loan against morgage
anoop
(Querist) 05 July 2012
This query is : Resolved
RESPECTED SIR, THANKS FOR GIVING US AN OPPURTUNITY TO CLEAR OUR DOUBTS FROM AN EXPERT LIKE YOU.SIR, I DO HAVE A LONG PENDING ISSUE.IN 1986 MY FATHER AND HIS FRIEND STARTED BUISNESS BY PLACING MY MOTHER"S PROPERTY (WHO IS HOUSE WIFE)AS GUARENTOR.( SHE POSSESSED 30 CENT OF LAND). THEY HAVE MORTGAGED/GUARENTEED(NOT SURE)THE PROPERTY FOR CC LOAN . THE PLACE MORTGAGED IS IN ONE STATE AND THE LOAN GIVEN BY BANK IS FROM ANOTHER STATE. HOW IT HAPPENED AT THOSE TIME, I DONT NO. LATER BUISNESS COLAPSED AND NOTICE WAS ISSUED BY BANK IN 1989. AS WE WERE AWAY FROM HOME FOR LONG 15 YRS, V HAVE NOT RECEIVED ANY COMMUNICATION TILL ANOTHER NOTICE IN 1998. WE NEVER FOLLOWED UP THE CASE. FROM NOTICE RECEIVED IN 1998, WE GOT THE CASE NO.AFTER OS OF 1989, EP WAS FILED IN 1998.WE HAVE NOT REPAID ANY THING, BUT NOT SURE OF OTHER PARTNER( V HAVE NOT SEEN HIM SINCE 1989) THAT WAS THE LAST V HEARD FROM COURT AND BANK (THAT IS 1998),. SIR PLS TELL US AFTER LONG 26 YRS BANK STILL HAS CHANCE TO MORTGAGE OUR PROPERTY, FATHER HAD DIED LONG AGO AND THE PROPERTY IS STILL IN OUR POSSESSION, EXCEPT A LIEN WAS SEND BY COURT AGAINST SALE OF PROPERTY IN 1998. THEN FURTHER NO ACTION WAS TAKEN. AUCTION DID NOT TAKE PLACE OR BANK HAS NOT TAKEN OVER THE PROPERTY. SIR PLS GUIDE US WAT TO DO TO REMOVE LIEN. WE HAVE APPLIED FOR VERDICT COPY OF EP/1998.WHAT IS THE LIMITATION PERIOD?
SIR YOUR REPLY WILL EASE A LOT OF TENSION AS WE WANT TO BUILT A HOUSE ON SAID PROPERTY, AS WE HAVE GOT NO OTHER WAY. SIR PLS GUIDE US WAT TO DO.
THANKING YOU.
REGARDS.
ajay sethi
(Expert) 05 July 2012
who has original papers of property? if property is mortgaged to bank it must be having orgiinal documents .
since bank has issued you notice it must have filed case for non repayment of loan .
make discreet inquires with bank . if case not yet disposed of contest the case
anoop
(Querist) 05 July 2012
Sir first of all thank you for the response. bank has the original documents. i could learn that EP case was closed in 2001 and no execution or follow up of case was done by bank.sir, what is the limitation period for EP, and total years with in which bank has to execute the procceedings of attachment of property.i also approached bank. but they say they cannot track 1986 type loan.sir pls guide. should i file RTI or ask them for no due certificate, since the documents are untraceable at their end. we are paying land tax for property for past 26 yrs. and is also in posession of said property
thanks.
anoop
(Querist) 05 July 2012
sir awating for the response.
ajay sethi
(Expert) 06 July 2012
what do you mean EP case was closed? what was order passed? i would advise you to contact a local lawyer . need to see orders passed by court .
bank would have immediatedly taken execution proceedings for attachment of property and subseqnetly sale of the same as banks are under pressure to reduce NPA .
if property is mortgaged to bank it must have obtained order for attachment of property.bank wont give no dues certifcate if loan amount is outstanding . if documents are untraceable fist make an aoofer for one time settlement with bank . then apply for certifed copy of docuemnts based on bank certifcate that they have lost originals
harsh asthana
(Expert) 06 July 2012
You have no reason to worry about this loan as this has been hopelessly barred by time, in fact every bank has to re-new their contract before 3 years and even if decree is passed and ep not executed the time limit is 12 years as such you have no problems
c.p.s. ramachary
(Expert) 06 July 2012
You have not gathered correct information. Legal advise cannot be given based on incorrect information. What is the loan amount is not clear in your request. However for technical information I wish to state that for enforcement of decree whether it is ex parte or contested it can be within 12 years only. If EP is closed, for filing fresh EP the decree should not be beyond 12 years. If it is beyond 12 years, EP cannot be filed. You have also not ascertained as to what transpired in respect of other parties in the loan transaction. Please ascertain the same. If possible work out your problem by approaching the bank for amicable settlement as advised by Expert Mr. Ajay Sethi to avoid tension. Please contact local lawyer having knowledge in banking law practice to trace out correct information
anoop
(Querist) 07 July 2012
sir, the loan amt is 1.5 lacs.it was a cc loan taken in 1986. payable @ 300 daily. sir, if i approach bank for one time settlement, will i have to pay interst fm 1986 to till date? Sir, as you have said that, after 12 yrs bank cannot file fresh ep,then what could be the position of the case. if i approach for one time settlement. still can they demand the outstanding amt fm us.this all i want to be well informed, before approching the bank. thanks.
c.p.s. ramachary
(Expert) 07 July 2012
First of all ascertain about pending proceedings. Obtain certified copies of all the proceedings and orders passed by the court from the inception through local advocate and let us know the current position to enable us to advise you.
